A group of 48 developing economies, known as the V20, together with development banks this week announced plans for new financial instruments aimed at lowering the cost of capital and unlocking large capital flows for green development. The effort could help safeguard the prosperity gains of at least 1 billion people as the planet warms, V20 finance ministers said in a statement. "The moment calls for a robust response to protect economic growth from the risks of climate change and secure continued progress," said V20 chair Benson Wase, finance minister of the Marshall Islands, in a statement issued during the spring meetings of the World Bank and International Monetary Fund. The V20 economies include Barbados, Cambodia, Costa Rica, Ethiopia, Honduras, Lebanon, Morocco, Nepal, the Philippines, Rwanda, Senegal, Sudan, Tanzania, Tunisia, Tuvalu and Vietnam. A 2018 report commissioned by U.N. Environment calculated that the V20 countries had coughed up an additional $62 billion in … [Read more...] about Shunned by investors, poorer nations seek to climate-proof growth
How economic growth is calculated
Room remains for credit growth
Most local banks reported their business performance for 2018 during the opening month of the new year. Despite the central bank’s tightened monetary policy, Vietnam’s banking sector closed last year on a strong financial footing after overall pre-tax profit surged around 40 per cent year-on-year as local banks’ intensified their efforts to resolve bad debts, with double-digit earnings growth and rising income from services. The State Bank of Vietnam (SBV) recently set a credit growth target for 2019 of 14 per cent, focusing on priority fields to ensure risk control and support economic growth. The restructuring of credit institutions and the settlement of bad debts have had a positive effect and created a positive outlook for the local banking sector this year. The SBV will also continue to set credit growth quotas for each bank, depending on its health, to regulate overall credit growth and support government targets. Profits high In mid-January, Vietcombank … [Read more...] about Room remains for credit growth
Seminar underlines sustainable private growth
Seminar underlines imperative of sustainable private sector growth. — VNS Photo Hoàng Nam Sustainable development of the private sector is an urgent requirement for Viet Nam in the context of the trade war between the US and China and fourth industrial revolution, a seminar heard in HCM City on Thursday. Deputy Minister of Planning and Investment Nguyen Van Hieu told the 5th Forbes Business Forum on ‘Building Sustainable Growth’: “In recent years the private sector has contributed significantly to the nation’s economic growth. “The Party and State strongly encourage the sector since it is a major driver of economic development by creating an attractive business environment with various incentives.” Nguyen Thi Phuong Thao, CEO of VietjetAir, said: “Viet Nam has many challenges and opportunities in this new era.” She listed trade wars, exchange rate fluctuations, petrol price, exports, FDI, and lagging behind in technology as … [Read more...] about Seminar underlines sustainable private growth
GDP not an ideal indicator for growth, says Nobel laureate
Joint winner of the 2004 Nobel prize in Economics, Prof. Finn Kydland.(Source: VNA) Hanoi (VNA) - Joint winner of the 2004 Nobel prize in Economics, Prof. Finn Kydland, spoke to Viet Nam News about the Vietnamese economy and growth on the sidelines of the 2018 Recontres du Vietnam – a development initiative that has brought world-renowned scientists to Vietnam for discussions since 1993. Q: What are your impressions of Vietnam’s economic growth in recent years? A: About two years ago I read on Viet Nam News (I think) about the willingness of the Vietnamese Government to let foreign companies set up shop in Vietnam, which I think is a good idea in developing economies. In the initial stages, typically an economy doesn’t have all the skills needed for growth to get momentum. It’s a good way to be willing or receptive to let foreigners become entrepreneurs in a country like Vietnam and they can help get growth going and Vietnamese can learn from them. Q: What … [Read more...] about GDP not an ideal indicator for growth, says Nobel laureate
GDP not an ideal indicator for growth
Joint winner of the 2004 Nobel prize in Economics, Prof. Finn Kydland, speaks to Viet Nam News about the Vietnamese economy and growth on the sidelines of the 2018 Recontres du Vietnam – a development initiative that has brought world-renowned scientists to Viet Nam for discussions since 1993. Joint winner of the 2004 Nobel prize in Economics, Prof. Finn Kydland. What are your impressions of Viet Nam’s economic growth in recent years? About two years ago I read on Viet Nam News (I think) about the willingness of the Vietnamese Government to let foreign companies set up shop in Viet Nam, which I think is a good idea in developing economies. In the initial stages, typically an economy doesn’t have all the skills needed for growth to get momentum. It’s a good way to be willing or receptive to let foreigners become entrepreneurs in a country like Viet Nam and they can help get growth going and Vietnamese can learn from them. What is your view on large … [Read more...] about GDP not an ideal indicator for growth